Wearable Medical Devices Market Growth Analysis | 2024-2030

Market Insights

The wearable medical devices market was estimated at USD 34.04 billion in 2023 and is likely to grow at a CAGR of 25.64% during 2024-2030 to reach USD 168.82 billion in 2030.

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Market Dynamics

Introduction

Wearable healthcare technology refers to devices that are worn on the body to monitor one’s health. These devices use biosensors to collect different insights from a body, such as pulse, heart rate, blood pressure, sleep patterns, and more.

COVID-19 IMPACT

The COVID-19 outbreak impacted the growth of the market positively. The demand for home healthcare devices increased significantly to monitor individual health at home as only essential services were allowed amid the COVID-19 outbreak. The number of hospital visits except for coronavirus infection declined due to fear of the virus infection.

Market Drivers

The demand for wearable medical devices is expected to grow rapidly owing to many reasons. Below mentioned are a few:

• Increasing prevalence of noncommunicable diseases: Wearable devices can be used to monitor several vitals and physiological parameters which help in managing chronic noncommunicable diseases (NCDs) such as heart diseases, diabetes, etc. The global prevalence of NCDs like cardiovascular disease, diabetes, etc. is the primary reason for the deaths of more than 40 million people each year, equivalent to 74% of deaths globally, states WHO. Certain targets are being set to reduce the risk of deaths caused by NCDs.
• Growing geriatric population: According to the WHO, the world’s population aged 60 years and above will almost double to reach 2.1 billion by 2050, from 1.4 billion in 2020. The global population is aging, and aging brings a lot of challenges like chronic diseases. A number of senior citizens prefer staying back at home rather than visiting hospitals, which calls for wearable medical devices to monitor and track health records.
• Increasing awareness of healthy living: Devices like wristbands etc. have been developed that connect with cell phones and display real-time tracking of calories burned, steps walked, and more. These data collectively help in calculating body mass index and other health statistics. The regular study of these statistics helps in providing a good health plan to individuals as well as healthcare professionals. According to a study conducted by the International Health, Racquet & Sportsclub Association (IHRSA), more than one out of five Americans belonged to a health club or studio in 2021, totaling 66.5 million consumers. This represents a 3.8% growth over the last two years.
• Technological advancements: Technological advances are also driving the growth of the wearable medical devices market. Newer wearable devices are becoming more sophisticated and capable of monitoring a wider range of health metrics with advanced sensors, miniaturization, and data analytics. Many advancements including these have enabled wireless medical devices to monitor various health parameters conveniently.
• Government initiatives: Governments around the world are also promoting the use of wearable medical devices. These initiatives are helping to create a more favorable environment for the growth of the market.

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Key Players

Key players operating in this market are:

• Koninklijke Philips N.V. (Netherlands),
• Zephyr Technology Corporation (The U.S),
• Omron Corporation (Japan),
• Sotera Wireless, Inc. (The U.S),
• Everist Health (The U.S),
• LifeWatch AG (Switzerland),
• Withings (France),
• Polar Electro Oy (Finland),
• Intelesens Ltd (UK),
• Fitbit, Inc. (The U.S),
• Vital Connect, Inc. (The U.S), and
• Garmin Ltd. (The U.S).

Segment Analysis

By Application Type

Based on application, the market has been segmented into sports and fitness, remote patient monitoring, and home healthcare. The home healthcare segment accounted for the largest market share of >50% in 2023. The expanding geriatric population and prevalence of chronic diseases have resulted in increased demand for devices to monitor health continuously at home and reduce the number of frequent hospital visits, and thus curb healthcare expenditure.

By Device Type

Based on the device, the market has been segmented into diagnostic devices and therapeutic devices. The diagnostic devices segment accounted for a revenue share of more than 60% in 2023.

Regional Insights

The market in North America captured the largest market share, accounting for more than 35% in 2022. This dominance can be attributed to the expanding geriatric population and increasing prevalence of non-communicable diseases (NCDs), including heart disease, cancer, diabetes, chronic lung disease, etc., due to lifestyle changes.

Asia Pacific is anticipated to witness the fastest growth during the forecast period. The primary reasons for this growth are attributed to the rising per-capita income and growing cardiovascular diseases in the region. The National Institutes of Health (NIH) finds that cardiovascular diseases are the leading cause of death across the globe, representing more than 47% of deaths in China in 2019. Furthermore, not only has China been the leading country for manufacturing technologies but also has witnessed a growing interest among its population in wearable technologies.

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Recent Developments

Aug 2022: Medtronic announces partnership with BioIntelliSense for exclusive U.S. distribution of multi-parameter wearable for continuous remote patient monitoring from in-hospital to home.

The partnership reflects a commitment to patient safety; BioButton® wearable offers up to 1,440 vital signs measurements daily, monitoring patients transitioning from higher to lower acuity settings. Read More...

Aug 2022: Epicore Biosystems and Denka Partner to Tackle Asia's Dehydration Crisis Through Sweat-Sensing Wearable Technology.

Under the agreement, Epicore Biosystems and Denka will collaborate on strategic initiatives to pilot and distribute Epicore’s portfolio of advanced wearable hydration solutions in Japan and expand into Asia markets.

Jul 2022: AURA Devices Published Scientific Approval of AURA Strap 2 Accuracy to Help Users Achieve Health and Fitness Goals with Precise Bioelectrical Impedance (BIA) Measurements.

Recently published studies verified the validity and accuracy of AURA Devices' tracking expertise.

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s wearable medical devices market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The wearable medical devices market is segmented into the following categories:

By Device Type

• Diagnostic Devices
• Therapeutic Devices

By Product Type

• Activity Monitors
• Smart Watches
• Smart Clothing
• Patches

By Application Type

• Sports and Fitness
• Remote Patient Monitoring
• Home Healthcare

By Distribution Channel Type

• Pharmacies
• Online Channel
• Hypermarkets

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by distribution channel type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.